This week (4th- 8th September 2023) marks National Payroll Week. Featuring advice, discussion, and a celebration of all things payroll, the CIPP lead initiative aims to increase awareness of the payroll profession and all those involved in the industry.
A current hot topic in payroll is Earned Wage Access (EWA), with the service featuring heavily in National Payroll Week.
In this blog, we delve a little deeper into EWA and explain all you need to know about the most talked-about trend in payroll.
What is Earned Wage Access?
Earned Wage Access is a financial service offered to employees allowing them to access a percentage of their earned wages before the end of their current payroll cycle. Earned Wage Access from Income Group is free for employees, as employers absorb it as a cost of employment.
Other names for Earned Wage Access
Earned wage Access can also be referred to as EWA, instant pay, earned income access, wage advance, early wage access, accrued wage access, salary advance, and on-demand pay. But depending on the provider, each name may mean something slightly different.
Is Earned Wage Access getting more popular?
The demand for Earned Wage Access is skyrocketing. 91% of millennial workers and 82% of Generation Z workers think it is important for their employer to offer Earned Wage Access.
The number of EWA providers in the US & UK has grown substantially in recent years as employers recognise the financial benefits of offering employees access to their wages in real-time.
Over 90% of employers said EWA helps them attract and retain talent, and 96% of employers who offer EWA said their employees like it!
Income Group & EWA
Income Group enables companies to offer employees to draw down their wages on demand, in real-time.
Backed by working capital, EWA from Income Group poses no cashflow restrictions for businesses.
Income Group’s Earned Wage Access solution comes at no additional cost to employees. They can access wages they have earned in real-time, for free.
What do the professionals think?
The Income Group team spoke to Pete A. Tiliakos, the founder of GxT Advisors who is the Principal Analyst & Advisor as well as a host for his podcast ‘HR & Payroll 2.0’.
Pete: “I’m a huge fan of EWA. I think it’s a very empathetic way for employers to help employees solve challenges.
It’s another way for the employer to say we care with this increased focus on wellbeing. It’s an instrument for the payroll manager to solve problems in a very modern, rapid, real-time, compliant manner.
The ROI to the business turns out to be engagement, retention, and referrals, they all go up. What I have noticed is that it has very little impact on the payroll department.”
How we’re celebrating #NationalPayrollWeek
National Payroll Week 2023 (4th – 8th September) was established in the UK by the CIPP in 1998 as an opportunity to recognise the hard work and dedication of payroll professionals across the country.
There is a lot going on to mark National Payroll Week including webinars, social media hashtags (#KeepUKPaid) and downloadable content all of which you can find on the CIPP website.
Income Group are excited to be celebrating National Payroll Week! 👏
We’re excited to see what @CIPP_UK have planned for this week. 🤩
Thank you to all the amazing payroll teams who are using IGsend. 🤝#NPW23 #ChoosePayroll #KeepUKPaid #CIPP #NationalPayrollWeek #Payroll pic.twitter.com/gMjlksKibq
— Income Group (@income_group) September 4, 2023